Real-time tracking of fast-moving targets has been utilized in various fields. However, the tracking performance of image-based systems for fast-moving targets is still limited by the huge data throughput and computation. In this study, an image-free target tracking system utilizing a digital micromirror device (DMD) is proposed. The proposed system effectively combines the dual-pixel measurement and window complementary modulation, and the alternating interpolation Kalman filter is implemented to fully use the performance of the DMD and maximize the update rate of the system. The accuracy of the proposed system at the maximum update rate of 22.2 kHz can achieve 0.1 pixels according to the experimental results. Meanwhile, we experimentally demonstrated that the accuracy of the proposed image-free target tracking system is within 0.3 pixels at a maximal velocity of 2 × 104 pixel/s at 22.2 kHz by evaluating the performance of the proposed image-free target tracking system when tracking fast-moving targets with different maximal velocity.